Operating income totaled $8.9 million. Operating loss for the fifty-three week period ended February 2, 2013 was $16.0 million, which included a benefit of $5.2 million, or $0.15 per share, related to restructuring charges. Net income for the fifty-two week period totaled $8.7 million, or $0.23 per diluted share. This compares to a net loss of $16.1 million, or a loss of $0.45 per share, for the fifty-three weeks ended February 2, 2013, which included a $0.15 per share benefit related to restructuring charges. The tax rate for both periods was significantly lower than the statutory rate due to the Company's continued maintenance of a full valuation allowance against its deferred tax assets.
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week and fifty-two week periods ended #
Balance Sheet Highlights and Capital Expenditures
Cash and cash-equivalents, and investments totaled $57.2 million as of February 1, 2014. Inventory per square foot, excluding in-transit and eCommerce inventory, increased approximately 16.4% on a per square foot basis as of February 1, 2014, as compared to February 2, 2013.
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week and fifty-two week periods ended #
The increase in inventory is primarily due to our initial investment in a number of core programs launching in fiscal 2014. For the thirteen week period ended February 1, 2014, the Company had no outstanding borrowings under its revolving credit facility and capital expenditures totaled approximately $2.2 million.
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week and fifty-two week periods ended #
Outlook for the 2014 First Quarter and Fiscal Year
For the first quarter of fiscal 2014, the Company expects:
-same-store sales to be relatively flat to last year's first quarter;
-approximately 50 to 70 bps of gross margin improvement, as compared to the comparable prior year period, driven by improved merchandise margins;
-SG&A dollars to be flat compared to the $32.7 million of SG&A expense reported in the first quarter last year;
-inventory to remain higher than the levels for the comparable prior year period at a level similar to the increase at the end of fiscal 2013; and
-to open two new Outlet stores, convert 16 CB/CJ stores to eight MPW stores, and to close three CB stores and replace them with three new MPW stores.
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week and fifty-two week periods ended #
For the 2014 fiscal year, the Company expects:
-capital expenditures to be approximately $23 million to $25 million;
-to recognize a nominal amount of tax expense, as the Company's tax provisions will continue to be affected by the valuation allowance on its deferred tax assets in fiscal 2014;
-average store count to be down 7% and average square footage for the year to be down 4% as compared to fiscal 2013; and
-to end the fiscal year with a total square footage increase of 2% as compared to the end of fiscal 2013.
Christopher & Banks Corporation, a specialty women's apparel retailer, reported results for the thirteen week and fifty-two week periods ended #
Christopher & Banks Corporation